Gold falls on dollar as Fed officials keep rate rise talk alive

Gold retreated for a third straight session on Thursday on a stronger dollar after comments from U.S. Federal Reserve officials kept alive expectations for an interest rate rise some time this year despite recent weak economic data.



Minutes from the Fed’s March 17-18 meeting showed officials opening the door to a June rate rise.



Spot gold fell back below $1,200 an ounce after the minutes and comments and was trading down 0.7 percent at $1,193.96 an ounce at 2:39 p.m. EDT (1839 GMT).



U.S. gold for June delivery dropped $9.50 an ounce, or 0.8 percent, to $1,193.60.



Spot silver fell 1.6 percent to $16.18 an ounce, while platinum lost 1.1 percent to $1,151.50 an ounce and palladium was up 0.6 percent at $759.50 an ounce.



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Posted in: Indian Market Tips